Aha! I found a decent explanation, finally, about Prop A and how it functions in a declining real estate market. As described here, we experienced a 6% drop in our 2007 property assessment. Now I can't show where the appraiser got their information, but I can now show why some folks' assessment will jump, wilst others drop.
Read the rest of the article here at my other site...shhh! My A/R blog might get jealous!
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Great post Todd,
As REALTORS it is very important to have a good knowledge of the difference between taxable and actual SEVs, especially when you are working with buyers.
Terry Lynch
Todd,
Truly a good article with the link. I've had 5 inquiries this week from people who just received their 2007 statements and wanted to aks an attorney about the process and how it works.